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Livermore
Livermore
ZHEN

Wolverine Trading, LLC

SEC CIK
0000927337
Latest filing
Nov 14, 2025

The latest 13F from Wolverine Trading, LLC covers Q3 2025 (filed Nov 14, 2025): 1,566 long positions worth $4.96B. The top 10 holdings make up 32.0% of the portfolio, and the largest is SPDR S&P 500 ETF Trust (SPY) at 12.2%. Livermore has 19 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q3 2025

Share counts compared with Q2 2025: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
665
Est. +$871.2M
Added
542
Est. +$1.38B
Reduced
357
Est. −$1.36B
Sold out
291
Est. −$228.7M

Top 5 holdings

Share of this quarter's portfolio value

  1. SPYSPDR S&P 500 ETF Trust
    12.2%$607.7MHistory
  2. NVDANVIDIA Corp
    3.6%$180.1MHistory
  3. iShares Tr464287739
    3.2%$161.0M
  4. BRK.BBerkshire Hathaway Inc
    2.3%$114.4MHistory
  5. Invesco QQQ Trust Series I46090E103
    2.1%$103.8M

Biggest buys

New and added positions, by estimated amount bought

  1. BRK.BBerkshire Hathaway Inc
    +$114.4MNewHistory
  2. Invesco QQQ Trust Series I46090E103
    +$103.8MNew
  3. State Street Financial Select Sector SPDR ETF81369Y605
    +$73.5MAdded
  4. iShares Core S&P 500 ETF464287200
    +$68.1MAdded
  5. WYNNWynn Resorts Ltd
    +$45.7MAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. BRK.BBerkshire Hathaway Inc
    +2.31 pp0.0% → 2.3%History
  2. Invesco QQQ Trust Series I46090E103
    +2.09 pp0.0% → 2.1%
  3. State Street Financial Select Sector SPDR ETF81369Y605
    +1.42 pp0.4% → 1.8%
  4. iShares Core S&P 500 ETF464287200
    +1.35 pp0.2% → 1.5%
  5. WYNNWynn Resorts Ltd
    +0.93 pp0.1% → 1.0%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. SPYSPDR S&P 500 ETF Trust
    −$326.6MReducedHistory
  2. DIASPDR Dow Jones Industrial Average ETF Trust
    −$191.7MReducedHistory
  3. MSFTMicrosoft Corp
    −$90.3MReducedHistory
  4. TSLATesla, Inc.
    −$65.5MReducedHistory
  5. iShares MSCI Eafe ETF464287465
    −$54.6MReduced

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. SPYSPDR S&P 500 ETF Trust
    −9.73 pp22.0% → 12.2%History
  2. DIASPDR Dow Jones Industrial Average ETF Trust
    −4.85 pp6.1% → 1.3%History
  3. MSFTMicrosoft Corp
    −2.57 pp4.2% → 1.7%History
  4. iShares MSCI Eafe ETF464287465
    −1.42 pp1.8% → 0.4%
  5. iShares Russell 2000 ETF464287655
    −1.20 pp1.6% → 0.4%

Metrics

13F metrics for Q3 2025, computed only from the numbers in the filings. Definitions below.

Portfolio value
$4.96B
+$1.02B (+26.0%) vs. prior quarter
Positions
1,566
+374 vs. prior quarter
Top 10 concentration
32.0%
Top 10 as share of value
Turnover
35.8%
Q3 2025, one quarter
Average holding period
9.8 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

19 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $13.1B (Q4 2023)

Q1 2021: $5.20BQ2 2021: $3.69BQ3 2021: $4.86BQ4 2021: $7.45BQ1 2022: $3.39BQ2 2022: $3.19BQ3 2022: $2.60BQ4 2022: $5.86BQ1 2023: $3.30BQ2 2023: $7.46BQ3 2023: $9.99BQ4 2023: $13.1BQ1 2024: $9.84BQ2 2024: $6.11BQ3 2024: $3.83BQ4 2024: $4.44BQ1 2025: $3.16BQ2 2025: $3.94BQ3 2025: $4.96B
Q1 2021Q3 2025
13F filings of Wolverine Trading, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q3 2025Nov 14, 20251,566$4.96BSPYNVDAiShares Trvs. Q2 2025SEC
Q2 2025Aug 18, 20251,192$3.94BSPYDIAMSFTvs. Q1 2025SEC
Q1 2025May 15, 20251,280$3.16BInvesco QQQ Trust Series ISPYiShares Core S&P 500 ETFvs. Q4 2024SEC
Q4 2024Feb 14, 20251,481$4.44BDIASPYNVDAvs. Q3 2024SEC
Q3 2024Nov 14, 20241,286$3.83BSPYDIAiShares Core S&P 500 ETFvs. Q2 2024SEC
Q2 2024Aug 14, 20241,212$6.11BSPYNVDAMSFTvs. Q1 2024SEC
Q1 2024May 15, 20241,163$9.84BiShares Core S&P 500 ETFMSFTVanguard S&P 500 ETFvs. Q4 2023SEC
Q4 2023Feb 14, 20241,241$13.1BiShares Core S&P 500 ETFSPYMSFTvs. Q3 2023SEC
Q3 2023Nov 15, 20231,128$9.99BiShares Core S&P 500 ETFSPYMSFTvs. Q2 2023SEC
Q2 2023Aug 23, 20231,056$7.46BSPYMSFTMETAvs. Q1 2023SEC
Q1 2023May 15, 20231,023$3.30BSPYInvesco QQQ Trust Series IState Street Financial Select Sector SPDR ETFvs. Q4 2022SEC
Q4 2022Feb 14, 2023973$5.86BSPYGOOGLiShares Russell 2000 ETFvs. Q3 2022SEC
Q3 2022Nov 14, 20221,195$2.60BInvesco QQQ Trust Series IAAPLTSLAvs. Q2 2022SEC
Q2 2022Aug 15, 20221,136$3.19BSPYTSLAInvesco QQQ Trust Series Ivs. Q1 2022SEC
Q1 2022May 16, 20221,500$3.39BAMZNBAiShares Trvs. Q4 2021SEC
Q4 2021Feb 14, 20221,622$7.45BSPYMSFTVanguard Total World Stock ETFvs. Q3 2021SEC
Q3 2021Nov 12, 20211,888$4.86BSPYAMZNAAPLvs. Q2 2021SEC
Q2 2021Aug 6, 20211,736$3.69BiShares TrTSMNVDAvs. Q1 2021SEC
Q1 2021May 14, 20211,756$5.20BSPYAMZNGOOGL–SEC